If you are an active social media person, you must have come across several articles and posts about NFTs in recent times. It was almost inevitable not to notice the buzz about NFTs. People were selling their digital artwork, tweets, sports, fashion, videos, music, articles, movies, GIFs, and memes as NFTs. Just to give an insight of the NFT market
- The total sales value of NFT in the last week of July 2021 alone was $1,362,908,150.22 according to coinmarketcap
- Total sales – 5,963,388
- Average price – $228.55.
So, what exactly is an NFT?
NFTs AKA Non-fungible tokens can be both tangible and intangible, but they must be authentic, limited, and unique. These include collectibles, digital property, digital artworks, intellectual property, and so on. NFTs are considered a digital asset that enables the seller and the buyer to trade digital artwork online with cryptocurrencies.
For instance, if an artist is selling their digital painting as an NFT, it means they are selling the certificate of ownership or authenticity of that specific art piece. The buyer of this digital artwork will gain ownership over the artwork. This does not mean that the particular artwork will not be available on any other platforms. It will exist on the internet or on several different platforms, and anyone can download it or view it, but the ownership of the specific NFT will belong to the buyer of the NFT.
What draws the line between NFT’s and cryptocurrencies?
Even though NFT’s and cryptocurrencies are both developed with the same software program, the main difference between an NFT and a cryptocurrency is that cryptocurrencies are fungible. This means that it is mutually interchangeable (traded or exchanged). And also, the value of the cryptocurrency stays equal to the other. At the same time, non-fungible-tokens, on the other hand, are not mutually interchangeable. This means that it cannot be traded or exchanged. Each NFT has a unique value.
NFT marketplace is an exceptional platform where one can store, trade, sell, and buy NFTs at a fixed price or auction. On these platforms, artists have the liberty to list their digital works in an auction, and the buyers can purchase them through bids. People can buy NFTs using cryptocurrencies, and it is vital to have a cryptocurrency wallet for the transaction process.
NFT’s must be limited and unique and must also contain unique metadata. They are carried out further through the help of smart contracts. Smart contracts is a programming code that contains the terms and conditions of the buyer and the seller regarding the transaction of the NFT.
Why NFT marketplace development?
Developing an NFT marketplace has several benefits, and listed below are some of the reasons why one must consider creating their own NFT marketplace.
- Ownership rights that cannot be changed
- Residual income -This allows the artists to have a source of income through royalties.
- One-stop for NFT’s – user-friendly and an interactive NFT marketplace lets the NFT enthusiasts to search and find unique pieces of art on a single platform.
Create your own NFT marketplace, and don’t forget to include these must-have features
Building your own NFT marketplace is one of the most innovative ways to connect with your crypto audience. Organizations have been striving to create an NFT marketplace that has all the elements to satisfy their audience. It is essential to have a user-friendly NFT marketplace, and for that, the organizations should understand the needs and wants of their audience and have a good understanding of the trends. Because, before investing in NFTs, it is essential to do good research on the products that you will be selling as NFTs; they must be rare, limited, authentic, and one of a kind.
NFT marketplaces have their own distinctive features. If you want to create your own NFT marketplace, you must have these essential features listed below.
- The first and foremost feature is the Storefront. This feature will have the data regarding the bids, owners, and other primary details like the price and so on.
- Easy to search feature allows the users to search for their desired NFT quickly since the NFTs will be sorted according to the category.
- Unlimited Listing feature allows the users to list their NFTs.
- It also has a feature that enables users to track the status of the process; in other words, it allows the users to examine the current status of the confirmation or verification process.
- In-built wallet – The marketplace assists users with an in-built wallet. They can use the wallet to securely store the traded NFTs.
How does an NFT marketplace work – the process?
- Create a profile
- Register your wallet to the platform to access the features
- Upload your artwork with the relevant details
- Wait for the tokenization process
- Now, your digital artwork will be considered an NFT
- List your assets
- Now, the buyers will be able to buy the NFT at a fixed price or through bidding.
If you still think creating an NFT marketplace is complicated, don’t worry; all you have to do is find an NFT marketplace development company that specializes in creating a user-friendly and interactive NFT marketplace. Some companies specialize in creating a very specific/particular kind of NFT. They will have exceptional digital artworks that are extremely rare.
Now, you might understand why the NFT marketplace is taking the virtual world by storm. It is essential to categorize your audience according to their interests; only then will you be able to provide them NFTs that match their interests and their demands. Target your audience first and then invest in NFTs. It is an organic way to improve the relationship between the organization and its stakeholders. So, do not hesitate any longer; find a great NFT marketplace development company to jump into the tech bandwagon.